Bodenstein, Martin; Guerrieri, Luca; Kilian, Lutz - In: IMF Economic Review 60 (2012) 4, pp. 470-504
The paper provides the first quantitative analysis of how U.S. monetary policy responses should differ depending on the source of the observed oil price fluctuations. It presents three main sets of results. First, the paper proposes a novel decomposition of the marginal cost of production that...